The co-founder of the world’s largest social-media business saw his fortune fall US$2.9 billion Friday after he posted plans to shift users’ news feeds toward content from family and friends at the expense of material from media outlets and businesses.
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Shares of Menlo Park, California-based Facebook tumbled 3.9 per cent at noon in New York, cutting Zuckerberg’s fortune to US$74.4 billion on the Bloomberg Billionaires Index. If that decline holds through the close of trading, he will lose his place as the world’s fourth-richest person to Spanish retail billionaire Amancio Ortega.
The drop wipes out much of the US$4.5 billion Zuckerberg, 33, has added so far this year. The world’s 500 richest people gained US$1 trillion in 2017 and an additional US$17 billion in the first two weeks of 2018, according to the Bloomberg index.
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